Ping An Good Doctor launches up to US$1.1 bil Hong Kong IPO

(Apr 23): Chinese online healthcare platform Ping An Good Doctor, a unit of the country’s biggest insurer by market value, will start taking investors’ orders for a Hong Kong initial public offering that could raise as much as HK$8.8 billion ($1.4 billion).

The Ping An Insurance (Group) Co. subsidiary is offering about 160 million shares at HK$50.80 to HK$54.80 apiece, according to a deal prospectus handed out at a press conference Sunday. The company will take orders from investors through April 26 and aims to begin trading May 4, the prospectus shows.

Ping An Insurance’s technology units, including the OneConnect financial management portal, have been raising capital ahead of planned listings this year. OneConnect picked advisers for a Hong Kong IPO of as much as US$3 billion ($4 billion), people familiar with the matter said in March. Ping An Good Doctor is also among subsidiaries of the insurer that raised a combined US$2.2 billion of funding earlier this year, the Hong Kong-listed firm said in February.

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